Jacobs

Investor Presentation

March 2024

Disclaimer

ForwardCertain-LookingstatementsStatementcontainedDisclaimerin this presentation constitute forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements are statements that do

not directly relate to any historical or current fact. When used herein, words such as "expects," "anticipates," "believes," "seeks," "estimates," "plans," "intends," "future," "will," "would," "could," "can," "may," "target," "goal" and similar

words are intended to identify forward-looking statements. Examples of forward-looking statements include, but are not limited to, statements we make concerning our expectations as to our future growth, prospects, financial outlook and business strategy, including our expectations for our fiscal year 2024 adjusted EBITDA, adjusted EPS, free cash flow conversion and net interest expense, as well as our expectations for how our Critical Missions Solutions ("CMS") and Cyber & Intelligence businesses are tracking against their forecasts, our plan to implement a cost optimization plan and increase return of capital to shareholders, our ability to reach our fiscal year 2024 strategic targets and our fiscal year 2024 effective tax rates, and any assumptions underlying any of the foregoing. Although such statements are based on management's current estimates and expectations, and/or currently available competitive, financial, and economic data, forward-looking statements are inherently uncertain, and you should not place undue reliance on such statements as actual results may differ materially. We caution the reader that there are a variety of risks, uncertainties and other factors that could cause actual results to differ materially from what is contained, projected or implied by our forward-looking statements. Such factors include uncertainties as to the structure and timing of the proposed transaction to spin off and merge with Amentum our CMS business and a portion of our Divergent Solutions business in a proposed transaction that is intended to be tax-free to stockholders for U.S. federal income tax purposes (hereinafter referred to as the "Separation Transaction"), the impact of the Separation Transaction on Jacobs' and the combined company's businesses if the transaction is completed, including a possible impact on Jacobs' credit profile, and a possible decrease in the trading price of Jacobs' and/or the combined company's shares, the possibility that the Separation Transaction, if completed, may not qualify for the expected tax treatment, the ability to obtain all required regulatory approvals, the possibility that closing conditions for the Separation Transaction may not be satisfied or waived, on a timely basis or otherwise, the risk that any consents or approvals required in connection with the Separation Transaction may not be received, the risk that the Separation Transaction may not be completed on the terms or in the time-frame expected by the parties, uncertainties as to our and our stockholders' respective ownership percentages of the combined company and the value to be derived from the disposition of Jacobs' stake in the combined company, unexpected costs, charges or expenses resulting from the Separation Transaction, business and management strategies and the growth expectations of the combined company, the inability of Jacobs and the combined company to retain and hire key personnel, customers or suppliers while the Separation Transaction is pending or after it is completed, and the ability of the Company to eliminate all stranded costs, as well as other factors related to our business, such as our ability to fully execute on our three-year corporate strategy, including our ability to invest in the tools needed to implement our strategy, competition from existing and future competitors in our target markets, our ability to achieve the cost-savings and synergies contemplated by our recent acquisitions within the expected time frames or to achieve them fully and to successfully integrate acquired businesses while retaining key personnel, the impact of any pandemic, and any resulting economic downturn on our results, prospects and opportunities, measures or restrictions imposed by governments and health officials in response to the pandemic, the timing of the award of projects and funding and potential changes to the amounts provided for under the Infrastructure Investment and Jobs Act, as well as other legislation related to governmental spending, any changes in U.S. or foreign tax laws, statutes, rules, regulations or ordinances that may adversely impact our future financial positions or results of operations, financial market risks that may affect the Company, including by affecting the Company's access to capital, the cost of such capital and/or the Company's funding obligations under defined benefit pension and postretirement plans, as well as general economic conditions, including inflation and the actions taken by monetary authorities in response to inflation, changes in interest rates, and foreign currency exchange rates, changes in capital markets, instability in the banking industry, or the impact of a possible recession or economic downturn on our results, prospects and opportunities, and geopolitical events and conflicts among others. The impact of such matters includes, but is not limited to, the possible reduction in demand for certain of our product solutions and services and the delay or abandonment of ongoing or anticipated projects due to the financial condition of our clients and suppliers or to governmental budget constraints or changes to governmental budgetary priorities; the inability of our clients to meet their payment obligations in a timely manner or at all; potential issues and risks related to a significant portion of our employees working remotely; illness, travel restrictions and other workforce disruptions that have and could continue to negatively affect our supply chain and our ability to timely and satisfactorily complete our clients' projects; difficulties associated with retaining and hiring additional employees; and the inability of governments in certain of the countries in which we operate to effectively mitigate the financial or other impacts of any future pandemics or infectious disease outbreaks on their economies and workforces and our operations therein. The foregoing factors and potential future developments are inherently uncertain, unpredictable and, in many cases, beyond our control. For a description of these and additional factors that may occur that could cause actual results to differ from our forward-looking statements see our Annual Report on Form 10-K for the year ended September 29, 2023, and in particular the discussions contained therein under Item 1 - Business; Item 1A - Risk Factors; Item 3 - Legal Proceedings; and Item 7 - Management's Discussion and Analysis of Financial Condition and Results of Operations, and Part II, Item 1A - Risk Factors, in our most recently filed Quarterly Report on Form 10-Q, as well as the Company's other filings with the U.S. Securities and Exchange Commission. The Company is not under any duty to update any of the forward-looking statements after the date of this presentation to conform to actual results, except as required by applicable law.

Non-GAAP Financial Measures and Operating Metrics

To supplement the financial results presented in accordance with generally accepted accounting principles in the United States ("GAAP"), we present certain non-GAAP financial measures within the meaning of Regulation G under the Securities Exchange Act of 1934, as amended. These measures are not, and should not be viewed as, substitutes for GAAP financial measures. More information about these non-GAAP financial measures and reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures can be found in the supplemental disclosures package on our investor relations website at invest.jacobs.com.

©Jacobs 2024

Jacobs today

Portfolio Overview FY23

By Sector1, 2

By Region2

▪ Workforce: ~60,000

▪ Currently operates across four reporting segments that provide

Advanced

Manufacturing

5%

Cities & Places

8%

Infrastructure

APAC & Other

9%

UK &

a full spectrum of professional services including consulting,

technical, scientific and project delivery for the government

and private sectors:

− People & Places Solutions (P&PS) - critical infrastructure

− Majority investment in PA Consulting (PA)

− Divergent Solutions (DVS) - data & software solutions (certain

segments, including Cyber & Intel. to be separated)

Space

9%

Health & Life

Sciences

8%

32%

Europe 22%

− Critical Mission Solutions (CMS) (to be separated)

▪ Targeting higher growth / margin sub-segments

▪ Client segments expected to outpace industry growth rates -

critical infrastructure, water & environment, semiconductors,

life sciences, digitally-enabled solutions

FY24 Strategic Targets

100%

10,000

30%

Client

Consulting

Revenue from

projects with

& Advisory

consulting, data

ESG scope

talent base

and technology

National Security

Energy &20%

Environment

18%

By Mix2

Fixed-price at risk

5%

Fixed-price limited

risk 21%

Reimbursable

Solutions

74%

North America

69%

By Segment3

PA DVS 9% 7%

CMS 35%

P&PS

49%

3

  1. Excludes PA Consulting
  2. Based on Revenue per applicable 10K filing
  3. Reflects Adj. Net Revenue, defined as Revenue minus pass-through Revenue, for FY23 Adj. Net Revenue is a non-GAAP financial measure. Please see Appendix for a reconciliation to the nearest GAAP measure

Transformation to less volatile and higher value services and solutions

PA Consulting

Government Services

7%

PA Consulting

18%

Energy, Chemicals

Critical

CMS/C&I

and Resources

Infrastructure

34%

54%

FY141

FY23 1

FY25E

$12.7B

$16.4B

Standalone

Critical

Critical

Infrastructure

Infrastructure

28%

59%

10.8%

13.8%+2

Adj EBITDA

7.8%

At least 300 bps of margin expansion

Margins

expected post CMS separation

FY23

FY25E

FY14

2015-2016

Assess and Focus

  • New management team joins Jacobs
  • Developed strategy aligned to secular growth opportunities

2017-2023

Today & future

De-risk and Shift to Higher Value Services

Challenging Today. Reinventing Tomorrow.

▪ Acquired CH2M to accelerate growth in high value infrastructure

▪ Foundation of efficient, competitive businesses

▪ Divested energy, chemical and resources business

▪ Global, premier high-end solutions provider

▪ Acquired majority ownership in PA Consulting

▪ Positioning two leading businesses for success

Note: See Use of Non-GAAP financial measures and operating metrics at the end of this presentation.

1

Based on Revenue per applicable10K filing

4

2

Projected Adj. EBITDA Margin, dependent on successful completion of CMS separation. Reconciliation of fiscal year 2025 adjusted EBITDA Margin to the most directly comparable GAAP measure is not available without

unreasonable efforts because the Company cannot predict with sufficient certainty all of the components required to provide such reconciliation.

People & Places Solutions - Infrastructure & sustainability leader

Approx. revenue by sector (FY 2023)

Business Breakdown

FY'23

Business breakdown

FY'22 revenue

Gross Revenue

$9,554 million

Advanced

Manufacturing,

7%

Cities & Places,

14%

Energy &

Environment,

11%

National

Security, 2%

Health & Life

Sciences, 14%

Transportation,

29%

Water, 23%

Infrastructure

Adj. Net Revenue*

$6,567 million

(% of Total Adj. Net Revenue)

(49%)

Revenue (% of Total Net Revenue)

$8,570 million

(50%)

US / International

62% / 38%

US / International

62% / 38%

Public / Private

60% / 40%

Public / Private

61% / 39%

Reimbursable / Fixed Price Services

72% / 28%

% Operating Profit Margin (% of Adj. Net Revenue*)

14.6%

Reimbursable / Fixed Price Services

72% / 28%

End-to-end Solutions

13.2%

% Operating Profit Margin

▪ Climate change

▪ Integrated water management

▪ Energy transition

▪ Smart cities

▪ Connected mobility

▪ Vaccine manufacturing

Infrastructure-enabling markets

* Adj. Net Revenue is a non-GAAP financial measure. Please see Appendix for a reconciliation to the nearest GAAP measure

Key

Customers

5

P&PS playing in key sectors aligned to critical infrastructure and sustainability

Transportation

Water

Cities & Places

Energy & Environmental

Health and Life Sciences

Advanced Manufacturing

  • Market leading position in Mass Transit & Rail, Marine & Port Facilities, Highways & Bridges, and Airports
  • PMCM capabilities delivering world's largest Transportation megaprojects
  • Transportation Advisory & Planning
  • Decarbonization
  • Data & Cyber solutions
  • EV charging
  • Unique OneWater end-to- end approach providing social value across the complete water cycle
  • Drinking water and reuse, wastewater, conveyancing and storage and water resources
  • Water-Energynexus
  • Digital Water including OT Cyber
  • Nature based solutions
  • Integrating data, technology, mobility and connectivity to improve economic and social equity and the resiliency of cities & communities
  • Architecture, Structures, Building Systems, Interiors & Strategies
  • Market leaders in Defense and Government buildings
  • Industry leading PMCM capabilities
  • Sustainable and intelligent buildings
  • Responding to challenges driven by climate change, urbanization, resource scarcity, energy security & digital proliferation
  • Supporting global energy diversification and transition efforts across all sectors
  • Renewables and hydrogen
  • Environmental planning, remediation, regeneration, operational excellence and PFAS solutions
  • Considered a major provider of professional services to the biopharmaceutical industry
  • Health System Governance, Health Infrastructure and Health Operations Advisory
  • Digital Health: data solutions and cyber expertise, telehealth
  • Capturing multi-year super- cycle in semiconductors in response to global supply chain disruption
  • Trusted advisor to many Electronics and Specialized Manufacturing clients
  • Data centers, driving decarbonization and cloud condo strategies
  • Electric Vehicle Manufacturing

6

Empowered by digitally enabled solutions across all end sectors

Jacobs holds leading positions

Overall

  • 1 Top 500 in Design Firms
  • 1 Top 100 Pure Designers
  • 1 Top 20 Firms in Combined Design and CM-PM Professional Services Revenue
  • 1 Top 50 Program Management Firms

Energy & Environment

  • 1 Clean Air Compliance
  • 1 Solar Power
  • 2 Chemical & Soil Remediation
  • 2 Site Assessment & Compliance
  • 2 Wind Power
  • 2 Co-Generation
  • 2 Power

Infrastructure

  • 1 Wastewater Treatment
  • 1 Sanitary & Storm Sewers
  • 1 Sewer & Waste
  • 1 Operation & Maintenance
  • 1 Telecommunications
  • 2 Water
  • 2 Transportation
  • 2 Bridges
  • 2 Mass Transit & Rail
  • 2 Marine & Port Facilities
  • 2 Airports
  • 2 Water Treatment, Desalination Plants
  • 2 Highways
  • 3 Transmission Lines & Cabling

Health & Life Sciences

№ 1 Pharmaceuticals

№ 1 Healthcare

Advanced Manufacturing

  • 1 Data Centers
  • 1 Semiconductors
  • 1 Manufacturing
  • 1 Industrial Process
  • 1 Pulp & Paper
  • 2 Electronic Assembly

Cities & Places

  • 2 Government Offices
  • 2 Entertainment

7 *Source: Engineering News-Record: 2023 Top 500 Design Firms and Source Books

Divergent Solutions - Innovative data and digital solutions

Approx. revenue1 by sector (FY 2023)

Commercial, 5%

Infrastructure,

Space, 14%

3%

Energy &

Environment,

Defense, 19%

2%

Cyber &

Intelligence,

57%

Business breakdown

FY'23

Revenue

$947 million

Adj. Net Revenue*

$882 million

(% of Total Adj. Net Revenue*)

(7%)

US / International

97% / 3%

Public / Private

91% / 9%

Reimbursable / Fixed Price Services

76% / 24%

% Operating Profit Margin

9.3%

Supports all lines of business as the core

Strategic Acquisitions &

foundation for developing and delivering:

Partnerships

▪

Innovative, next-generation cloud

▪

KeyW

▪

Cyber and intelligence

▪

Buffalo Group

▪

Data analytics

▪

BlackLynx

▪ Digital solutions such as systems and software

▪

StreetLight Data

application integration services

▪

Palantir Partnership

  • Adj. Net Revenue is a non-GAAP financial measure. Please see Appendix for a reconciliation to the nearest GAAP measure

Key

Customers

8

PA Consulting - Differentiated growth through ingenuity

Approx. revenue by sector (FY 2023)

Business breakdown

FY'23

Revenue (% of Total Adj. Net Revenue)

$1,158 million

(9%)

Transport, 9%

Energy & Utilities,

11%

Consumer &

Manufacturing,

12%

Financial

Services, 11%

Health & Life

Sciences, 16%

Defense &

Security, 24%

Public Services,

17%

US / International

12%

/ 88% (76% UK)

Public / Private

52% / 48%

Reimbursable / Fixed Price Services

47%

/ 53%

% Operating Profit Margin

20.5%

Combines innovative thinking and breakthrough use of technologies across:

▪

Consumer and manufacturing

▪

Government

▪

Defense and security

▪

Health and life sciences

▪

Energy and utilities

▪

Transport

  • Financial services

Key

Customers

9

Critical Mission Solutions - Poised to thrive independently

Approx. revenue by sector (FY 2023)

Infrastructure, 7%

Advanced Manufactureing, 2%

(Telecom)

(Auto test and diagnostics)

National Security

Space, 22%

Business breakdown

FY'23

Revenue (% of Total Adj. Net Revenue)

$4,693 million

(35%)

US / International

76% / 24%

Public / Private

82% / 18%

Reimbursable, T&M / Fixed Price Services

82% / 18%

% Operating Profit Margin

8.1%

Provides a full spectrum of solutions for our government clients:

Defense &

Intelligence,

Energy &

35%

Environment,

34%

  • Cyber, data analytics, systems and software application integration services
  • Consulting
  • Enterprise level O&M and mission IT
  • Engineering and design
  • Enterprise operations and maintenance
  • Program management
  • Other highly technical consulting solutions
  • Space exploration and intelligence

Key

Customers

Combatant

U.S. Intelligence

Commands

Community

10

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Disclaimer

Jacobs Solutions Inc. published this content on 04 March 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 04 March 2024 09:58:07 UTC.